Two shops within the Empire Melbourne building sell for $9.35 million off-market

Empire Melbourne and the MY80 building to its north. Both buildings have recently been completed by the Mammoth Empire Group of Companies.

One investor has acquired two shops at the ground floor of the Empire Melbourne building, in the CBD, following an off-market deal.

The assets, Lots 1G and 2G of 398 Elizabeth Street, sold for a total of $9.35 million.

Based on the annual rental the two shops return, the acquisition was struck on a 4.5 per cent passing yield.

The deal values each square metre of building area at $30,858.

Empire Melbourne, on the south-east corner of A’Beckett Street, is a 62-storey building containing 487 flats, recently completed by the Mammoth Empire Group of Companies.

Beller Commercial’s Jeremy Gruzewski marketed the retail investments.

Just three weeks ago we reported that the same agent sold two shops beneath the M80 building, across the road from Empire Melbourne.

These assets, known as lots 1 and 2 of 410 Elizabeth Street, traded for a total of $6.47 million – reflecting a passing yield of 4.5 per cent, and a rate per square metre of building area of $25,367.

Empire Melbourne replaced this building, formerly occupied by car rental chain Budget.

Mammoth Empire also developed 410 Elizabeth Street.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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